We are big fans of Terry Smith’s investment approach, but Fundsmith Equity (B41YBW7) has now underperformed for five years running. Despite ‘buying good companies, not overpaying and doing nothing’, the global equity fund returned just 0.8% in 2025. That is less than the 4.2% return on cash and considerably less than the 12.8% gain for MSCI World. As the table below shows, it also brings Fundsmith’s record of underperformance to five years in a row. Fundsmith performance 201-2025 FundsmithMSCI World2025+0.8%+12.8%2024+8.9%+20.8%2022+12.4%+16.8%2023-13.8%-7.8%2021+22.1%+22.9% Source: Fundsmith Equity WHY IS THE FUND BEHIND? Terry Smith explains the underperformance of the fund as being due to…

Shares in hotel group Whitbread (WTB) topped the FTSE 100 leader board after a positive Q3 trading update. Across the group, total accommodation sales were up 4% on a headline basis and 3% on a comparable basis. UK accommodation sales were up 2%, while sales in Germany were up 16% and the business is nearing profitability. Premier Inn is now the leading hotel group in Germany and RevPAR (revenue per available room) is climbing. Share price: £27.18 +4.9%P/E: 19.1xMarket Cap: £4.6bnYield: 3.8% IMPROVED OUTLOOK On a call with analysts, chief executive Dominic Paul said the group’s strong Q3 performance had…

Fantasy miniatures firm Games Workshop (GAW) announced record results for the 1H to November 2025. Revenue for the period was up 17% to £316 million driven by a 25% increase in international trade sales. Retail and online sales growth was more modest, and licensing revenue was just £16 million against £30 million previously. Cost of sales and operating costs rose by around 10%, so operating profit rose by 28% to a record £126 million. INTERNATIONAL SUCCESS The firm delivered profitable sales growth in its 23 core countries and all three channels. Regular weekly releases of new miniatures helped drive demand,…

Housebuilder Persimmon (PSN) raised its profit guidance for 2025 after new home completions came in ahead of expectations. Completions were 11,905 last year, up 12% on 2024 and 5% above the consensus estimate of 11,293 units. Private home completions were up 8% to 9,830 units, while the average private selling price increased 5% to £301,000. Partnership home completions were 2,075 units, up 30%, with a 4% increase in the average selling price to £168,000. As a result, underlying pre-tax profit for 2025 is seen around £440 million which is the top end of market forecasts. Share price: £14.30 +1%P/E: 18.1x…

To quote the firm’s advertising slogan, with think Marks & Spencer (MKS) shares are ‘Remarksable’ value at their current price. Share price: 347pCurrent P/E: 15xMarket Cap: £7.1bnCurrent yield: 1.3%Sector: Food RetailFY end: March ALL TO PLAY FOR M&S is one of the UK’s most-loved brands, yet the business has managed to change its spots dramatically over the past decade. Where once it was largely a clothing and homewares retailer, it is now one of the nation’s smartest food stores. Including its 50% holding in Ocado Retail, which is fully consolidated for the first time this year, Food sales make up…

This week sees the release of Q4 results from major US banks, so in this article we walk you through what to expect. Analysts have predicted 13% growth in earnings for S&P 500 in 2025, with bank earnings seen up 7% in Q4. However, following Donald Trump’s attack on credit card fees the focus will be on the outlook as much as earnings. JPMORGAN CHASE IN POLE POSITION Reporting begins on Tuesday 13 January with JPMorgan Chase (JPM), the world’s biggest bank capitalised at almost $900 billion. The consensus forecast for Q4 EPS (earnings per share) is $5.01 against $4.81…

Shares in AIM-listed cybersecurity specialist Corero Network Security (CNS) soared 30% after the firm raised its outlook. For the year to December 2025, revenue is now seen at the top of the range of estimates at $25.5 million. Meanwhile, EBITDA is seen above the mid-point of the range of estimates at $1.3 million. Share price: 13p +30%P/E: n/aMarket Cap: £66.6mYield: n/a SOLID PERFORMANCE Corero has been consistently improving its platform in response to evolving attack patterns observed throughout 2025. The company posted a solid performance across a range of KPIs or key performance indicators. ARR or annual recurring revenue was…

Trading platform Plus500 (PLUS) lifted its revenue and EBITDA guidance for the year to December 2025 thanks to loyal customers. The firm now expects revenue of around $792 million and EBITDA of $348 million against $768 million and $322 million in 2024. The current analyst consensus is for revenue of around $758 million and EBITDA of $346 million. Plus500 also expects to have ended 2025 with a cash balance of $800 million and remains debt-free. Share price: £36.95 +2.2%P/E: 13.5xMarket cap: £2.6bnYield: 4.7% OLD CUSTOMERS, NEW MARKETS The firm put the improvement in revenue down to a focus on long…

Supermarket chain J Sainsbury (SBRY) seems to have won the battle of the retailers over the Christmas period. ‘We have won grocery market share for the sixth consecutive Christmas period, again delivering our winning combination of value, quality, service and availability for customers,’ said chief executive Simon Roberts. UK grocery sales in the 16 weeks to 3 January were up 5.4% on a like-for-like basis compared with a 3.7% increase for Tesco (TSCO) over a similar period. One particular area where the firm excelled was premium own-brand, where Taste The Difference was the best-selling range across the grocery sector. Shareholders…

The ongoing spat between Edinburgh Worldwide (EWI) and Saba Capital intensified after Glass Lewis backed the trust’s board. The independent advisor recommended EWI shareholders reject all Saba’s resolutions at the trust’s general meeting on 20 January. Investors – and anyone interested in investment trusts generally – can sign in to a live Q&A session with the EWI chair later today. Read the press release and find details of the Q&A here: https://www.bailliegifford.com/en/uk/individual-investors/funds/edinburgh-worldwide-investment-trust/Read related news: https://sharesify.com/saba-queries-edinburgh-worldwide-sale-of-spacex/